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credit after foreclosure follow up
Posted by Silvia on August 08, 2001 at 1:33 PM
o.k. here is the situation.
In 1995 my friend was encouraged to buy a house then repair it and sell it
later. The thing was that him and another man took out a loan to buy the
house with the help of a real estate agent that is friends with him. My
friend really doesn't know english that well and I'm thinking he did
whatever his friend told him and I imagine that he ended up signing the loan
request and everything. Well just before they were going to take the loan
out, my friend decided that he didn't want the deal. The other man and the
real estate friend who had apply with him for the loan gave him his money
back that he had used as downpayment and told him that he was going to take
over the whole thing and that he was free of responsibility. Well my friend
after this thought that he had nothing to do with the buy and that he had no
responsibility and that the loan was not taken out in his name. He stayed there until 1997 and then left the country to take care of a relative without knowing that the
loan was taken out. A year ago he came back to the US and was now applying
for a credit card and he was denied because of a foreclosure. I looked more
into it, got a credit report and found out about the loan back in 1995 and
saw that it was foreclosed. Now we don't know what to do next to clear
things up. I guess because he was out of the country he never got any
notices and didn't know that he was in such a horrible debt. what is the
first step we should take to clear up this mess?
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